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SEGMENTS | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
SEGMENTS | SEGMENTS Refinery Operations Our refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and from jet fuel obtained through agreements with third parties. The refinery's production consists of jet fuel, as well as non-jet fuel products. We use several counterparties to exchange non-jet fuel products produced by the refinery for jet fuel consumed in our airline operations. Segment Reporting Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis.
Financial information by segment
(in millions) | Airline | Refinery |  | Intersegment Sales/Other |  | Consolidated
Three Months Ended March 31, 2025 |  |  |  |  |  |
Operating revenue | $ | 12,978 |  | $ | 1,698 |  |  | $ | (636) |  | (1) | $ | 14,040 |
Airline salaries and related costs | 4,083 |  |  |  |  |  |
Aircraft fuel and related costs | 2,410 |  |  |  |  |  |
Refinery cost of goods sold(2) |  | 1,562 |  |  |  |  |
Depreciation and amortization | 607 |  | 28 |  |  |  |  |
Other segment items(3) | 5,308 |  | 109 |  |  |  |  |
Operating income/(loss)(4) | 570 |  | (1) |  |  |  |  | 569 |
Interest expense, net | 179 |  | 1 |  |  | (1) |  |  | 179 |
Other non-operating expense | 70 |  |  |  |  |  | 70 |
Income/(loss) before income taxes | 321 |  | (2) |  |  | 1 |  |  | 320 |
Total assets, end of period | 75,043 |  | 2,359 |  |  | (60) |  |  | 77,342 |
Capital expenditures | 1,187 |  | 37 |  |  |  |  | 1,224 |
Three Months Ended March 31, 2024 |  |  |  |  |  |
Operating revenue | $ | 12,563 |  | $ | 2,049 |  |  | $ | (864) |  | (1) | $ | 13,748 |
Airline salaries and related costs | 3,791 |  |  |  |  |  |
Aircraft fuel and related costs | 2,598 |  |  |  |  |  |
Refinery cost of goods sold(2) |  | 1,873 |  |  |  |  |
Depreciation and amortization | 615 |  | 27 |  |  |  |  |
Other segment items(3) | 4,994 |  | 100 |  |  |  |  |
Operating income(4) | 565 |  | 49 |  |  |  |  | 614 |
Interest expense, net | 205 |  | 5 |  |  | (5) |  |  | 205 |
Other non-operating expense | 287 |  |  |  |  |  | 287 |
Income before income taxes | 73 |  | 44 |  |  | 5 |  |  | 122 |
Total assets, end of period | 72,875 |  | 2,123 |  |  | (29) |  |  | 74,969 |
Capital expenditures | 1,178 |  | 15 |  |  |  |  | 1,193 |
(1)See table below for detail of the intersegment operating revenue amounts. (2)Refinery cost of goods sold are included within aircraft fuel and related taxes and ancillary businesses and refinery in our income statement. (3)The nature of other segment items for the airline segment are shown on our income statement and for the refinery segment include salaries and related costs, maintenance, utilities and other expenses. (4)Refinery segment operating results are included within aircraft fuel and related taxes in our income statement.
Intersegment Sales/Other
| Three Months Ended March 31, |  |
(in millions) | 2025 | 2024 |  |  |
Sales to airline segment (1) | $ | (260) |  | $ | (386) |  |  |  |
Exchanged products (2) | (341) |  | (439) |  |  |  |
Sales of refined products | (35) |  | (39) |  |  |  |
Total operating revenue intersegment sales/other | $ | (636) |  | $ | (864) |  |  |  |
(1)Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor. (2)Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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